EXERCISE 11-6 On December 31, the end ofthe year, the accountant for Fireside Magazine was called away suddenly because of an emergency. However, before leaving, the accountant jotted down a few notes pertaining to the adjustments. Journalize the necessary adjusting entries. Assume that Fireside Magazine uses the periodic inventory system. a-b. A physical count of inventory revealed a balance of $199,830. The Merchandise ng Inventory account shows a balance of $202,839. c. Subscriptions received in advance amounting to $156,200 were recorded a Unearned Subscriptions. At year-end, $103,120 has been earned